If Francoise Hollande wins, Americans should applaud. Why? Hollande's arrival in Élysée Palace would mark the beginning of the end of the rigorous austerity policies that have pushed Europe to the brink of depression and made the Continent a drag on U.S. growth and a threat to its frail recovery.
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Last week some of Europe's biggest guns called for a new balance of budget cuts and stimulus. Mario Draghi, the president of the European Central Bank, offered his support for Hollande's proposed "growth compact" that would cover all E.U. members. A day later Mario Monti, Italy's prime minister, came out strongly against austerity-only policies to which he had acquiesced just a few weeks ago.